Shorenstein Originates $125M Office Mezz Loan

NEW YORK CITY-San Francisco-based Shorenstein Properties LLC has provided a $125 million junior mezzanine loan to finance a portion of the purchase of 650 Madison Ave., a 601,604-sf trophy class A office and retail building located in the Plaza District of Manhattan. The loan is part of a larger financing package made to the buyers of the property, which as GlobeSt.com previously reported was a joint venture between the Carlyle Group and Ashkenazy Acquisition Corp.

The building is adjacent to 660 Madison Ave., on which Shorenstein holds a similar mezzanine loan purchased last year. The 650 Madison Ave. building was built in 1957 as a 10-story office and retail building and redeveloped in 1987 to include a 17-story tower. It is currently 90% leased and anchored by Polo Ralph Lauren, Columbia Presbyterian, Crate & Barrel and Reservoir Capital.